NYSE MARKET QUALITY
THE #1 EXCHANGE IN MARKET QUALITY AND VOLUME Stocks trade on multiple markets, but the listing venue has a unique responsibility to:
Provide a well-regulated market. NYSE Regulation oversees our responsibilities to protect investors and the public interest.
Establish displayed prices. NYSE’s unique market model provides deep liquidity and high-quality quotes that lower volatility and the issuers cost of capital.
Provide price discovery during the opening and closing auctions. Our unique auction process with Designated Market Makers provides superior price-discovery.
There is no single metric to measure market quality. Corporate issuers should consider various metrics when evaluating performance, including liquidity, the tightness of the bid-ask spread, the duration and size of the quote at the best prices, and other factors. See NYSE’s results below.
NYSE’S MARKET QUALITY PERFORMANCE1
Most Market Share and Liquidity Most Time Quoting at Best Prices
NYSE NYSE NYSE 25.0% NYSE 77.8% Nasdaq 8.7% Nasdaq 51.7%
NYSE Arca 5.8% NYSE Arca 45.2%
BYX 5.5% EDGX 40.2%
BZX 5.3% BZX 38.0% EDGX 5.2% BYX 33.0% BX 3.5% BX 32.5% IEX 2.7% EDGA 16.4% EDGA 1.4% IEX 13.5% PSX 0.4% PSX 9.5% CHX 0.4% NYSE American 4.5% NYSE American 0.1% CHX 1.1%
NYSE has the most market share with almost NYSE has the most market share with almost 3 times NYSENYSE is is at at the the bestbest price (NBBO) 50% 50% more more 3 times more liquidity than the next largest more liquidity than the next largest exchange. oftenoften than than any any otherother exchange throughoutthroughout exchange. thethe day. day.
Source: NYSE Internal Database and Consolidated Tape Statistics, Q4 2017 Source: NYSE Internal Database and Consolidated Tape Statistics, Q4 2017 www.nyse.com NYSE: MARKET QUALITY 1 NYSE’S MARKET QUALITY PERFORMANCE1
Largest Quoted Size at Best Prices Narrowest Quoted Spread2
NYSE NYSE NYSE 1729.9 NYSE 46.3 bps NYSE Arca 678.2 NYSE Arca 166.3 bps
Nasdaq 623.0 EDGX 214.1 bps
EDGX 533.2 BX 244.5 bps
BZX 491.6 Nasdaq 253.3 bps
BYX 288.5 BZX 343.3 bps
BX 259.1 BYX 412.5 bps
EDGA 86.9 EDGA 567.1 bps
PSX 68.8 PSX 774.6 bps
IEX Insucient quoting activity for comparison IEX 65.0 NYSE American Insucient quoting activity for comparison NYSE American 23.9 CHX Insucient quoting activity for comparison CHX 1.6
NYSE has the narrowest quoted spread. NYSENYSE has has the the most most displayed displayed shares shares at atthe the best NYSE has the narrowest quoted spread. price,best more price, than more double than thedouble next the largest next largestexchange.
exchange. 3 Comparison includes exchanges with a two-sided market > 75% of the trading day in at least 1,000 securities.
Source: NYSE Internal Database and Consolidated Tape Statistics, Q4 2017 Source: NYSE Internal Database and Consolidated Tape Statistics, Q4 2017
FURTHER INFORMATION
For additional market quality insight and statistics, please email the relationship management team at [email protected].
Source: NYSE Internal Database and Consolidated Tape Statistics, Q4 2017 1For NYSE listed issues only. 2Comparison includes exchanges with a two-sided market > 75% of the trading day in at least 1,000 securities.
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